Business Strategy

Conscious Capitalism

Conscious Capitalism

 

conscious capitalism

Image Source: consciousbusinessconnections.com

Before talking about your consciousness as a capitalist, let’s first understand What Consciousness Capitalism is? Conscious capitalism is basically a practice followed by people and business enterprises that choose to make use of a marketing strategy, through which they solicit to have an understanding of the consequences of their activities. They also execute practices that help both human beings and their surroundings.

All the companies are working to earn a great profit, but churning out revenue and clocking economic growth becomes difficult in the long run. If the company is not making enough profit then the employees will be dissatisfied and in turn mistreat the customers but they forget that it’s the customer because of whom their company works. Today’s customers are aware of the power they hold; they can make a business and even can break it.

Also Read: Foundation of American dominance – What makes the United States world’s most powerful country

As mentioned above that companies only work to earn capital and gain monetary profits but one should not be taking this term in a negative sense as capitalism has lost its way. Capitalism is very powerful but due to the value that the stakeholders have based the system the meaning of capitalism has changed.  John Mackey, who through his book makes us aware what Conscious Capitalism is? He is of the view that Conscious Capitalism is good, noble, heroic and ethical as it creates value, elevate existence voluntaries the exchange and also creates prosperity by lifting people from the depth of poverty.

Many books have been published on the topic ‘Conscious Capitalism’ but they are not able to capture the essence of what it is like to work in such a company.  What is it like to work with a firm that has common values, has a purpose, and is aligned with an operating system that stimulates competition but with liaison, transformation along empowerment delivers standardization and maintains accountability and high standards of performance while offering job security.

Talking about Conscious capitalism we shall now focus on the principles that this concept has? Conscious Capitalism has four basic principles – Conscious Leadership, Higher Purpose, Conscious Culture and Stakeholder Orientation, all these principles are followed by big companies to earn profit and at the same time make their customers happy. Further adding to this concept it must be mentioned that Conscious Capitalism works with an eminent purpose which is to have a positive effect on people and also in the world and this could be achieved by the services and the products that they offer and by the value that they create.

Many companies indulge in malpractices and don’t perform their role as a leader.  They as leaders should do better for its customers. They should come out to the real world of an organization and should be providing the concern and care an employee desire and deserve but does not receive in their workplaces.

To make people aware of Conscious Capitalism, Doug Rauch has opened a nonprofit organization called  Conscious Capitalism Inc., and he organizes conferences, where he discusses the strength of purpose, servant leadership,  systems thinking, community building, fueling human capacity, stakeholder engagement, building a values-based culture, metrics for the new enterprise, accountability and language, inspirational leadership, and the journey to conscious capitalism.

Also Read: How Capitalism Has Transformed Eastern Europe Since The Fall Of The Berlin Wall

Conscious capitalism is a topic about which everyone should be made conscious. The thing doesn’t stop at learning but also at implement it in our business. For the implementation, we would require a senior who would guide us. A leader’s job is to lead its people on the right path and at the same time it’s also important for the leader to make changes in him follow the right path and then guide everyone.

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